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Allens, Clayton Utz, Mallesons make millions on QR IPO

Allens, Clayton Utz, Mallesons make millions on QR IPO

Allens Arthur Robinson will rake in 70 per cent of the work on the QR National initial public offer, with an estimated income of A$4.8m for its work.

ALLENS Arthur Robinson will rake in 70 per cent of the work on the QR National initial public offer, with an estimated income of A$4.8m for its work.

Allens is among seven advisors involved in the IPO, with Minter Ellison, Clayton Utz, Mallesons Stephen Jaques also on the deal. The law firms with share more than $34m in fees.

Minters and Mallesons provided legal advice to QR management and board, receiving $1m and $750,000 respectively, Fairfax Media reports.

Allens partners Erin Feros and John Greig lead the advice to the Queensland Government. Minters partners Bruce Cowley and Khory McCormick lead the team for QR.

Clayton Utz is legal adviser to the five joint lead managers (JLMs), which include Credit Suisse, Merrill Lynch, Goldman Sachs, RBS and UBS, on the initial public offering of QR National.

The firm’s corporate partners Stuart Byrne in Sydney and Tim Reid in Brisbane are leading the Clayton Utz team advising the JLMs.

The work pulls up at the station for law firms as the Queensland state government attempts to raise up to $4.97 billion by taking the freight company QR National public. It is touted as becoming the biggest initial public offering in more than 10 years in Australia.

The IPO, which is expected to close on 12 November, and Queensland has set an indicative price range of $2.50 to $3.00 per share, with a plan to sell between 1.4 billion and 1.7 billion shares.

“A successful float could be a trigger for a few more,” Sean Fenton, who helps manage about $1 billion at Tribeca Investment Partners, told Bloomberg News. “There’s certainly a pipeline built up.”

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